National Bank of Egypt to Grow Crops in Ethiopia, Alam Says

Jan. 4 (Bloomberg) -- The National Bank of Egypt plans to invest at least $40 million to grow “strategic” crops in Ethiopia for export to Egypt, Al Alam Al Youm newspaper reported, citing the bank’s Chairman Tarek Amer.

The state-owned bank has asked Ethiopian authorities to allocate up to 20,000 hectares (49,420 acres) for the cultivation of the crops, the Cairo-based business daily reported.

The bank will also give six Ethiopian banks credit facilities worth 80 million Egyptian pounds ($14.6 million) to fund foreign trade to countries including Egypt and other Nile basin countries, it said.

By Ola Galal